Quick Take
- Roughly $200 million of Bitcoin was sold yesterday on exchanges.
- A large whale from Coinbase drove the sale.
- This is one of the most significant deposits onto exchanges this year; deposits to exchanges on May 30 saw $367 million.
- Yesterday saw the fifth most amount of Bitcoin deposits to exchanges this year.
- This coincides with a strengthening dollar at a one-month high of 104.63.
- Due to a risk-off environment, and rising rates, entities may consider selling assets to fulfill their commitments.
- Since the DXY represents a pledge to settle debts, individuals could potentially opt to liquidate Bitcoin or other assets to acquire dollars.
Deposits to exchanges: (Source: Glassnode)
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